Elias Green in Pasir Ris to be launched for collective sale by ERA Realty Network
Elias Green, a 99-year leasehold condominium located in Pasir Ris, is set to hit the market for collective sale via public tender on March 6. ERA Realty Network, the appointed marketing agent, announced that the property has a guide price of $928 million.
Developed in 1994, the condo sits on a 516,871 sq ft land parcel that is zoned for residential use with a gross plot ratio of 1.4. The development comprises several blocks and offers a total of 419 units, ranging from 1,367 to 1,636 sq ft in size. With a tenure of 99 years from 1991, the property has a remaining lease of 65 years.
According to ERA, the guide price of $928 million works out to be a land rate of $1,355 psf per plot ratio (ppr). This includes an estimate of $150.8 million for land betterment charges for intensification and top-up to a fresh 99-year lease. It also factors in a bonus gross floor area of 10%.
ERA also stated that the owners of Elias Green have already started the process of submitting an Outline Application to URA for a residential development at a gross plot ratio of 1.8. If approved, the land rate for the development would be approximately $1,245 psf ppr.
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Should the collective sale be successful, based on the guide price, owners are expected to receive gross sale proceeds ranging from approximately $2.04 million to $2.31 million per unit.
Tay Liam Hiap, managing director of capital markets and investment sales at ERA Singapore, pointed out that Pasir Ris Town is currently undergoing significant enhancements as part of HDB’s “Remaking Our Heartland” initiative, which aims to improve vibrancy and connectivity.
Tay highlighted the new Pasir Ris Bus Interchange, which is expected to be completed by 2025, as part of the town’s transformation. He also mentioned the future Pasir Ris Integrated Transportation Hub, which will include the Cross Island Line (CRL), set to be operational by 2030, to further enhance connectivity across Singapore.
This is the second time the owners of Elias Green are attempting a collective sale. The first was in 2018, when the condo was put on the market for tender at $780 million. The current guide price of $928 million is 19% higher than the previous asking price.
The tender for Elias Green will close on April 22 at 2pm. Check out the latest listings for Elias Green properties on Ask Buddy.